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Clare, Solicitor

Category: Law

Satisfied Customers: 34585

Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.

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My ex partner and I (not married) have recently split up. We

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My ex partner and I (not married) have recently split up. We will either be selling the house that we bought together in 2011, or I will be buying her out of her share of the property. When we bought the house, she provided a deposit of £115,000 and I provided £20,000 (purchase price £345,000). We took out a mortgage of £210,000. Two estate agents have recommended that we put the house on the market at £695,000, with one confident that they can achieve a sale price of £675,000. My question is, in the eyes of the law, how would we split the profits made on the house after repayment of the mortgage? Since purchase, we have split all mortgage and bills 50/50. There were also no agreements signed designating who would receive what share of the profits should we split up. I look forward to hearing from you.

HiThank you for your question.My name is ClareI will do my best to help you but I need some further information first.Did you ever discuss what would happen financially if you split up - and are there any children involved?Clare

HIOn the face of it the proceeds of sale should be divided 50/50.However your ex can challenge this on the basis that she will say that she did not intend to gift that amount to you.How successful she would be is hard to say although the amount makes it more likely that the court would find in her favour - but not certainOn that basis it could be worth negotiating with her using Family mediationwww.familymediationhelpline.co.ukwith the suggestion that you each take back your original investment and the balance is divided between youPlease ask if you need further detailsClare

Thank you for your response. I agree with what you are saying. My thoughts were that we would both receive back our deposits and perhaps allow for a reasonable amount of interest to be added to account for increases that we were both likely to see should we have had put our deposits in a savings account instead of the house. The profits from the house would then be split 50/50 as we both contributed towards bills and mortgage payments equally. Would you suggest that this would be the normal way to split the profits from the sale of the house for people in our situation?

HiThere is no set wayHowever there are two popular options.The first is that you each receive back the money invested and the balance is divided between youThe other is that the investment is assessed as a percentage of the deposit and that percentage is used to split the equityClare

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